Buyer, Kadin plan to develop mineral benefication projects
Tuesday, February 5 2013 - 03:38 AM WIB
Buyer Group International, Inc and Indonesia Chamber of Commerce and Industry (Kadin) plan to jointly develop mineral benefication projects including shelter, infrastructure, energy, and financial and capital services development in Sumbawa district.
Buyer in its statement said that it has received Letter of Interest for joint development of projects in Indonesia from Kadin.
"We are excited to be moving into this accelerated phase of business development. The indication in writing by the chamber to establish a joint venture and provide exclusive support through their organization is a capstone for our business development strategy," said Buyer CEO Dave Bryant.
He further stated, "Indications are that Kadin wishes to be the sole regional supporter for Buyer Group International. The projects they have indicated support for is focused towards mineral benefication including shelter, infrastructure, energy, and financial and capital services development exported by our organization to assist their government with providing job programs."
Some of the lands that will be considered for development include areas from the mineral rich Sumbawa island district.
The targeted area of 15 hectares, has two confirmed areas with sampling showing .36 gr/t of Au, 120 gr/t of Ag, 5.05 Ha including 35 samples, 23 rock surface samples, showing 13.8 gr/t Au, 15.5 gr/t Ag, and 183 ppm of Mo, and finally, 31.25 Ha with 3000m of trending copper gold with values showing 879 gr/t of Cu, 4.13 gr/t Au, 19 gr/t Ag, plus .93% Zn, and 5.53% Pb.
It said that Buyer and its advisors believe that strategic development of mineral rich lands will give the shareholders the best long term returns of any industry including government and municipal investment.
Editing by Adianto P. Simamora